Earlier, buying and selling stocks used to require a phone call to a stockbroker who would charge a certain fee to execute a customer’s stock trade. But today, India has become one of the leading markets for mobile-based stock trading in the last ten years.
A customer can now trade on his own through his favorite broker’s mobile application. These broking apps provide a variety of choices on how customers can trade.
For example, some will have automated trading, a few may provide basic training for beginners while others may offer some advance functions for professional traders, all at the convenience of a few clicks.
Let’s take a look at a few tips for mobile app trading –
Tip 1: Do complete research of the broker
Do your own research, both on the internet and with experienced traders. Do listen to the advice of the experienced investors/traders but never follow them blindly. Get some basic information about the stockbroker, background & reputation of the broker, account opening charges, hidden charges, additional facilities offered, etc.
Tip 2: Check the mobile app’s feedback
Once you select the broker, the next step is to check the functioning of the application provided by them. Do understand the reviews and ratings on the app store and make a decision accordingly.
Tip 3: Make sure the mobile app is easy to use, safe and secure
When you choose the broking app, it is important to understand how it works to make trading simple. Also, ensure that the app downloaded is verified, safe and secure to avoid any misuse of information and loss of money.
Tip 4: Do some research on the broker’s customer service quality
This is a very important step when booking through the app. Ensure you check on the availability of their support team for any technical issue and also take an understanding of how quickly they resolve issues.
Tip 5: Ensure the internet connectivity on your own mobile is strong and secure
A slow internet connection will not let your broking app to update real-time and this may hamper your trading. Good internet speed and stable connections are necessary for trading because you are making quick decisions about where and when to sell and buy in the market.